RBI seeks modification of NCLAT order on NPA status of IL&FS: Media report

During the proceedings, RBI's counsel said that there was an overlap of power on the issue

Mar 20, 2019 08:03 IST India Infoline News Service

ILFS
The Reserve Bank of India (RBI) has sought modifications in the order passed by the National Company Law Appellate Tribunal (NCLAT) regarding classification of debt of IL&FS group companies as NPA, a PTI report said.

An order passed by NCLAT has provided moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies. During the proceedings, RBI's counsel said that there was an overlap of power on the issue, the media report said.

As per media report, two-member NCLAT bench, headed by Justice S J Mukhopadhaya, has said that it would hear the RBI on the issue.

Besides, the tribunal has also asked the Ministry of Corporate Affairs about the progress made with respect to resolution of IL&FS issues. 

Further, it  has sought company-wise updates from the Committee of Creditors (CoC) and Resolution Professional (RP).

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